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Registered: ‎01-09-2008
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Authorized User question

[ Edited ]
I was added as an authorized user of my fiance's credit cards (2 of them). Well, these cards have been maxed out. Do those still show up on my FICO or were they removed? I read something about AU's not being shown on your FICO, however, they show up on my credit report...

Also, I was wondering, if I get her to remove me from these cards as an authorized user, would my score go up? I'm sitting at a 606 EQ right now and have a few 2002 derog's that I have paid off last year and have 3 credit cards in my name now, 2 co-signed auto loans and a co-signed mortgage. I'm wondering if these maxed out cards are bringing me down even though we always pay them on time.

Thanks.

Message Edited by intargc on 01-09-2008 02:00 PM
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Re: Authorized User question

Oh, yes, absolutely they are hurting your scores. The change you've heard about is in the new scoring formula called FICO 08, but it seems to be on ice for the indefinite future. If they are showing on your reports, they are counting in your scores.

Maxed-out is 85 - 90% of the credit line of a card, and I've read that it hurts as badly as a brand new collection. If true, you have the equivalent of two new collections, and that's not good.

Do you need the age of her cards for your own history? If not, I'd get off of them PDQ. If you don't want to come off of them for whatever reason, then it's time for serious paydown to under 50% as a start. And of course, her credit is being hurt as well.

Here's the deal with maxed-out accounts: if you have credit cards with hardly any balance due, then you have credit. If you have cards that are maxed out, then right now, you don't have any credit, you only have debt.

I would get these cards out of both wallets and into a deep, deep dresser drawer, and do whatever it takes to turn your finances around. Right now, your fiancee is looking at the very real possibility of her credit card companies closing those cards down. These are scary times for the finance industry, and it doesn't take much for them to yank all their credit back. FWIW, I work two jobs, 60 - 70 hours a week. I don't have either the time or energy to shop any more, lol. Good luck!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Posts: 32
Registered: ‎01-09-2008
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Re: Authorized User question

Thanks for the reply.

I originally had a very poor credit score and so we put me on these cards in order to raise my score. However, being that I paid all of my derog's off, opened a few lines of credit in my own name, etc... I don't see me needing these anymore. So, I guess we'll just remove me from them now. We're in the process of paying them down, but it's going to take a bit because we are in the process of moving to a new state. I figured I might as well get off of them ASAP that way when we go for a new loan or even if we get an apartment, my credit will look a tad better than it does now.

Thanks again.
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Re: Authorized User question

Sounds good, and good luck with the move!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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